DDM Analysis: TQM-R.BK

Valuation Snapshot

Stable Growth	$50.89 - $259.09	$104.59
Multi-Stage	$29.53 - $32.22	$30.85
Blended Fair Value	$67.72
Current Price	$14.70
Upside	360.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.81%	0.00%	1.08	1.15	1.34	1.37	1.05	0.48	0.53	0.38	0.68	0.09
YoY Growth	-	-	-6.19%	-14.25%	-2.08%	30.34%	121.05%	-10.17%	41.00%	-45.00%	686.73%	0.00%
Dividend Yield	-	-	7.19%	4.30%	4.06%	3.42%	1.71%	1.41%	3.28%	3.26%	5.93%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	781.77
(-) Cash Dividends Paid (M)	646.81
(=) Cash Retained (M)	134.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	156.35	97.72	58.63
Cash Retained (M)	134.96	134.96	134.96
(-) Cash Required (M)	-156.35	-97.72	-58.63
(=) Excess Retained (M)	-21.40	37.23	76.32
(/) Shares Outstanding (M)	599.95	599.95	599.95
(=) Excess Retained per Share	-0.04	0.06	0.13
LTM Dividend per Share	1.08	1.08	1.08
(+) Excess Retained per Share	-0.04	0.06	0.13
(=) Adjusted Dividend	1.04	1.14	1.21
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.48%	6.48%	7.48%
Fair Value	$50.89	$104.59	$259.09
Upside / Downside	246.17%	611.49%	1,662.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	781.77	832.40	886.32	943.72	1,004.84	1,069.93	1,102.02
Payout Ratio	82.74%	84.19%	85.64%	87.09%	88.55%	90.00%	92.50%
Projected Dividends (M)	646.81	700.80	759.06	821.93	889.76	962.93	1,019.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.48%	6.48%	7.48%
Year 1 PV (M)	644.96	651.07	657.19
Year 2 PV (M)	642.91	655.16	667.53
Year 3 PV (M)	640.69	659.09	677.83
Year 4 PV (M)	638.30	662.86	688.11
Year 5 PV (M)	635.75	666.46	698.35
PV of Terminal Value (M)	14,512.16	15,213.26	15,941.20
Equity Value (M)	17,714.78	18,507.90	19,330.21
Shares Outstanding (M)	599.95	599.95	599.95
Fair Value	$29.53	$30.85	$32.22
Upside / Downside	100.87%	109.86%	119.18%

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TQM Alpha Public Company Limited (TQM-R.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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